AIG punitive bonus tax

Wednesday night on Jay Leno President Obama avoided the answer to Jay’s direct question about Congress’s taxing a selected group of citizens just because they’re mad at them.

President Obama on Thursday commended the House for passing the measure.

"Today's vote rightly reflects the outrage that so many feel over the lavish bonuses that AIG provided its employees at the expense of the taxpayers who have kept this failed company afloat," he said. "I look forward to receiving a final product that will serve as a strong signal to the executives who run these firms that such compensation will not be tolerated."

http://www.cnn.com/2009/POLITICS/03/20/bonus.bill/index.html

But on Sunday’s 60 Minutes he said:

The president also stressed that his administration won't endorse a House bill that would levy a 90 percent tax on bonuses paid out by companies that receive bailout money.

"As a general proposition, you don't want to be passing laws that are just targeting a handful of individuals," Obama said. "You want to pass laws that have some broad applicability ... you certainly don't want to use the tax code to punish people."

http://www.cnn.com/2009/POLITICS/03/22/obama.60.minutes/index.html

Which is it BARRY? Are we taxing/punishing them or not?

AIG Bonuses

AIG paid 73 employees bonuses of $1 million or more; 11 of whom are nolonger there, according to NY Atty. Gen. Cuomo.

http://www.cnn.com/2009/POLITICS/03/17/aig.bonuses/index.html

Brilliant. You’re not supposed to get bonuses after you’ve left. You’re no longer an employee.

AIG is a bad company and should’ve went under. It would’ve been better for the economy if they collapsed. The mortgages would’ve been sold to Wells Fargo and others for 25 cents on the dollar. On a $400,000 house now worth $200,000 they would’ve paid $100,000 for the mortgage and gladly refinanced it to the homeowner for $200,000. This would’ve lowered their payment, kept them in their house and the new mortgage holder would make a profit off a previously bad loan. With a bailout the horrible status quo is maintained and the economy is held up with a false-bottom and still has room to hit rock-bottom. But this time rock bottom includes a government mortgaged future of bailout money we borrowed from whoever. What a mess.

AIG OUTRAGE

I agree with Obama that the bonuses at AIG are an OUTRAGE!

http://www.cnn.com/2009/POLITICS/03/16/AIG.bonuses/index.html

$165M??? The average household income in the U.S. is about $50,000 a year according to the 2007 census. $165,000,000 would keep 3,300 families afloat for an entire year. Someone at AIG should be behind bars. I know, how about all of those that have the audacity to cash that bonus check.